Question

Referring to the Article Below only write a short essay (around 500 to 600 words) discussing in detail some of the issue related to managing social responsibility. The issue and discussion must be relevant to the textbook theory.

please mention the references

CSR SHOULD BEGIN AT THE BUSINESS PREMISES!

Charity, it is said, “begins at home”. Basically, philanthropy, personal or corporate, should look at the concerns of near and dear before embarking on a wider social or global purpose. There was a time when the notion “business of business is business”, was strictly adhered to, and the firm was established “to maximise profit”. Shareholder interest superseded all other objectives, which were either ignored or side lined. The situation is drastically different under the concept of corporate social responsibility (CSR), which has become an important business consideration now. A business is not a stand-alone, isolated unit, independent of the ecosystems that provide direct and indirect sustenance and nourishment for its sustainability. Businesses can thrive only when they address and meet their varied and diverse obligations to stakeholders, in addition to profit to shareholders. These other obligations are now equally important if not more, to the profit motive. Under a regime of increased statutory and ethical governance, general consumer activism and stakeholder engagement, businesses are often forced to comply with standards and norms that have become part and parcel of normal business conduct. Many business organisations have gone beyond statutory compliance and have self-instituted measures to align with the broader issues of society and the nation. Thus, elements of corporate consciousness have crept into business strategies and policies. Corporations attempt to make CSR an integral part of their corporate personality and philosophy. They embrace responsibility for corporate actions and encourage positive impact on every area of direct involvement such as customers, employees and investors. In addition, the corporation’s sense of responsibility towards the community and environment are given equal importance. By this caring and sharing approach, exploitative tendencies that once ruled businesses, were eradicated by the introduction of safeguards, both legal and ethical. This concept, which is now universally adopted provides a balance between the vested interests of the business and those of society. From another perspective, the CSR in practice has helped to ensure safe and reliable products and services, secure employment and benefits to the work force and social needs. CSR, at times portray donations to high profile and glamorous activities. However, serving customers with services, and fair wages and salaries for the work force should be considered a priority. Like the saying, “charity begins at home”, CSR should first look at its own internal welfare mechanisms. An exercise in CSR rich in public relations, to the neglect of its own employees and other stakeholders in business, will be a façade

Answer 1

Social responsibility is the responsibility towards society. It is the responsibility of a person to others. Social responsibility is a morality. It is based on the values of a person either a person or an organisation. Every organisation has the social responsibility. Corporate Social Responsibility or CSR is the social responsibility of the corporates. CSR is the responsibility of a firm or an industry or an organisation or the corporates towards the society. Every corporates have a social obligations. CSR needs huge investment. It creates higher expenditure to the corporate or to the organisation. So it increase the liability of the organisation. But the Corporate Social Responsibility helps the corporates to attain a brand among the customers. CSR increase the customers of the corporates. It creates reliability among the customers and then the customers of the company is increasing over the years. The CSR method and the activities for the CSR creates a goodwill to the corporate. So the goodwill increase the customers towards the company. The CSR helps the company to grow. CSR helps the company to increase profit. The stakeholders will encourage the CSR because the CSR increase the profit of the company. So CSR helps the corporate to attain a favourable sharemarket. Undoubtedly we can say that CSR increase the profit of the company. It helps them to find out the new ways for investment.